New Payment Services Directive (PSD2) is the right approach

Date: Thu, 08/08/2013 - 17:21

Focus on strong authentication and high level of security is imperative
New Payment Services Directive (PSD2) is the right approach

Oyvind Rastad, Eurosmart’s chairman

Image credited to Eurosmart

Eurosmart, the Association of the Smart Security Industry in Brussels, welcomes the proposal by the European Commission for a New Payment Services Directive (PSD2), issued end of July and calling for an even stronger focus on authentication and security.
“Eurosmart strongly supports the focus on mobile payments and the corresponding security,” said Oyvind Rastad, Eurosmart’s chairman. “Already, payment transactions via smart mobile devices constitute over 15% of all payment transactions made in Europe. Worldwide, mobile payments could reach $1 trillion in global transactions by 2015. These figures illustrate the urgency in making mobile transactions secure. This requires an adequate legal framework that, among other things, makes standardized solutions in terms of security, interoperability and privacy protection mandatory. The PSD2 proposal is a good start.”
Eurosmart’s Mobile Trust Working Group will publish a position paper in fall, detailing the benefits of secure element technology as a key enabler for securing the mobile transaction ecosystem, especially with regard to remote payment, authentication and digital signatures. Oyvind Rastad stated: “As this is a rather complex issue, we’d be happy to share the industry’s accumulated know-how and expertise on strong authentication and transaction security. We are looking forward to working with the relevant stakeholders in defining the future ‘guidelines with regard to the establishment, implementation and monitoring of the security measures’.”


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